Market Development Versus Product Development
Before investing in a new business strategy, several factors must be put into consideration. Firstly, the business must analyze its target market to understand nature and the demand for goods by its consumers. When choosing between market and product development, capital and human resource needs are significant factors (Schultz, 2004). The company should also research the industry growth and direction to determine the strategy to fit into the system. Finally, competition in the industry should be analyzed to enable the company to take advantage of the new strategy to gain a competitive advantage in the market (Schultz, 2004).
In choosing between market development versus product development, the CEO should consider the following recommendations to make an informed decision. The company should choose a product development strategy if they have a reliable distribution channel, an untapped market, and excellent production capacity. The CEO should invest in the market if they have adequate capital and human resources for their expansion. I recommend investment in product development if the company faces stiff competition from other players and has successful products in the maturity stage, which can significantly impact the market. The CEO can also focus on product development if the firm has a vital research and development background and the ability to respond to technological changes.
Reference
Schultz, R. L. (2004). A note on the product-market growth matrix. The University of Iowa.
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Market Development Versus Product Development
Imagine you are working for a company with $1 million to spend on a new strategy and considering market development versus product development. In this case, what determining factors would be most important to consider? What recommendations would you make to the CEO?
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